Profile picture for testvet

I just bought a new car, will it affect my ability to refi my home, I bought 3 years ago at 6.5%?

We bought the home 3 years ago and have never missed a payment, would it be worthwhile to refi even with the costs to do the new closing. Is the difference in the old rate at 6.5 and a new 30 yr rate? We are not planningon selling this is our retirement home. I am a disabled veteran on VA disability and SSD. Stay with what we have or refi?
  • December 17 2008 - Columbia
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Answers (4)

You are answering questions that are two months old Smitty......
  • February 07 2009
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Do you have a VA (veterans) loan? If so, do a Streamline Refinance. Very cheap and they only look at your mortgage history.
  • February 07 2009
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Profile picture for natewolf
The only way to know is to actually apply for a home loan. You can find a lender on Zillow or try LendingTree.com or your local bank or credit union.
I would DEFINITELY check with your banker about refinancing using your VA Certificate. The cost savings right now could be significant, but only a banker can tell you once your make the application.
  • December 19 2008
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Profile picture for WertanTeam
It is definitely worth refinancing at this time as you can get a rate under 5% and go to a 15 year mortgage and probably have the same payment as you do now.  The car loan should not hurt you on the refi.  I can run it through our in house mortgage company if you are interested or contact your current mortgage holder.  Right now you owe 27 years wouldn't it be nice to only owe 15 !!  Great time to take advantage of the low rates!!
  • December 17 2008
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